$4,738 Closing Credit*
$399,000
2,296 SqFt
3 Beds
•1 Full Bath, 1 Partial
Listing Office: Lakes Family Real Estate/Otter Tail Real Estate
Is 56537, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, 56537 has remained a Seller's Market.
Key Takeaway
56537 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56537, MN
How much do homes in 56537, MN cost?
Median Sold Price
$225,000
$128/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$24,000(+11.9%)
Key Takeaway
Homes in 56537 have sold for 11.9% more than they did a year ago.
Summary: The median home sold price in 56537 was $225,000 in October 2024, up 11.9% from last year, and the median price per square foot was $128.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $97.5K | $76.5K | -21.5% |
| 2 Bedrooms | $169.9K | $165K | -2.9% |
| 3 Bedrooms | $176.2K | $221K | +25.4% |
| 4 Bedrooms | $255K | $262.5K | +2.9% |
| 5+ Bedrooms | $272.4K | $371K | +36.2% |
Summary: 56537 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 21.5%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes increased by 25.4%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes increased by 36.2%.
Median Sold Price Compared To Nearby Zip Codes
| 56537 | $201K | $225K | +11.9% |
| 56586 | $285K | $310K | +8.8% |
Housing Supply in 56537, MN
How many homes are available in 56537, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 99 | 86 | -13.1% |
Summary: The 56537 real estate market had 86 homes for sale in October 2024, a 13.1% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 17 | 12 | -29.4% |
| 3 Bedrooms | 41 | 40 | -2.4% |
| 4 Bedrooms | 24 | 22 | -8.3% |
| 5+ Bedrooms | 17 | 12 | -29.4% |
Summary: The 56537 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 29.4%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes decreased by 29.4%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 29 | 26 | -10.3% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56537, you may be able to get a good deal. 46.2% of homes here sold below asking price last month.
Summary: A total of 26 homes were sold or pending in 56537 in October 2024, down by 10.3% month-over-month. Of the 26 sold homes, 46% were sold under asking, 31% were sold at asking, and 23% were sold over asking.
Days on Market for 56537, MN
How long does it take to sell a home in 56537, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 38 Days | 29 Days | -24.0% |
Summary: Homes in 56537 had an average of 29 days on market in Oct 2024, down by 24% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 56537 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 26 homes were sold in 56537; 58% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
